While presenting budget for 2015-16 in Parliament, Jaitley said, “The Bureau will search and select heads of public sector banks and help them in developing differentiated strategies of capital raising plans to innovative financial methods and instruments.”

He said that this would be a step towards establishing a holding and investment company for banks.

This issue was discussed extensively at the Gyan Sangam addressed by Prime Minister Narendra Modi last month.

During the two-day bankers’ retreat, heads of financial institutions have suggested the creation of Bank Investment Committee (BIC) and transfer of the government’s investment in banks to BIC.